Crypto Exchanges Aid Bybit’s $1.4B Recovery

Bitget Supports Bybit with $105 Million in Ether

• Bitget transferred 40,000 ether (ETH), valued at $105 million, to Bybit.
• The funds came from Bitget’s reserves, not user deposits.
• A suspected North Korean entity hacked Bybit for approximately $1.4 billion in ether.
• Bybit processed over 350,000 withdrawal requests post-hack.
• 5,000 ETH of stolen funds moved through eXch mixer and converted to bitcoin via ChainFlip.

Following a significant hack on Bybit resulting in a loss of about $1.4 billion in ether, Bitget provided crucial support by transferring 40,000 ETH worth $105 million from its reserves. Despite the breach, Bybit managed to process over 350,000 withdrawal requests successfully.